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The discourse on credit cycles has been reinvigorated following the global crisis. The purpose of this paper is to contrast the positions of mainstream, Marxist, Austrian and post-Keynesian (PK) schools of thought on these matters. It is posited that most notions underplay the significance of real economy factors in shaping the fluctuations of credit levels and relations. It is argued these ideas are best illustrated by Marx (as interpreted by the Temporal Single System Interpretation) and tendency for the profit rate to fall with accumulation. Empirical evidence on the UK profit rate is provided as supporting evidence.

The paper explores the theoretical work on credit and business cycles from the relevant schools of thought and contrasts them. The aim is to consider which approach best describes the reality. Empirical work on the profit rate provides supporting evidence.

It is argued that the mainstream view of monetary neutrality is an insufficient explanation of the financial reality associated with credit and business cycles. Instead, it is posited that the PK approach, which emphasizes productive and financial factors, is more preferable. This contrasts with the usual singular financialization commentary that is used to describe the financial crisis and real economy stagnation that followed. It is argued that Marx’s notion of falling profit and its ramifications best explain the reality of both the credit and business cycle. This is supported by the evidence.

It is problematic to calculate a Marxian rate of profit given the lack of suitable reported statistics. The research illustrates the significance of productive factors, especially the tendency for the profit rate to fall, in driving business cycles. There are, therefore, implications for government fiscal/monetary/industrial policies to reflect these factors when seeking to influence the business cycle.

Policies that are designed to target levels of profitability are likely to be beneficial for capitalist sustainability.

The focus on profitability in the paper informs individuals working in business organizations of some of the imperatives facing corporations in a modern competitive environment.

Whether financial factors drive the business cycle, or are themselves driven by it, is an important question given that policy prescriptions will differ depending on the answer. The recent financialization commentary, for instance, suggests that better regulation or reform of the financial sector will preclude unstable business cycles. The paper argues, in contrast, that the cause of the credit instability is rooted in production (following Marx) and that, therefore, a more production-focused policy response is required whilst recognizing the instabilities of the credit system. This latter point has a measure of originality in the current discourse.

The Austrian theory of the business cycle (henceforth ABC) frequently has been a target for critics of Austrian economics. In particular, a number of economists who are generally appreciative of other Austrian themes have singled out ABC as being, in one such critic's words, an “embarrassing excrescence” marring the otherwise generally sound body of modern Austrian thought.¹ Despite such criticisms, many Austrian economists persist in forwarding ABC as the best available, or perhaps even the only valid, explanation for the cycles of boom and bust regularly occurring in most modern, national economies.

The chapter presents a short biography of Kalecki, from his early years in Łódź, through his economics research and development of his theory of business cycles, participation in the Keynesian Revolution and work after the Second World War on the economics of socialism and the developing countries. The key role of capital accumulation (investment) in determining levels of employment and total output is put forward as Kalecki's main innovation. There are evident similarities between Kalecki's theory of the business cycle and that of the Austro-Marxist Emil Lederer, as well as in the distributional analysis of Rudolf Hilferding. Kalecki's analysis of monetary circulation, and the centrality of his theory of profits was anticipated by Rosa Luxemburg in her Anti-Critique. But that monetary theory is rooted in a Marxian understanding of money as a means of settlement between capitalists.

The purpose of this article is to present an overview of the area of strategic forecasting and its research directions and to put forward some ideas for improving management decisions.

This article is conceptual but also informed by the author’s long contact and collaboration with various business firms. It starts by presenting an overview of the area and argues that the area is as much a way of thinking as a toolbox of theories and methodologies. It then spells out a number of research directions and ideas for management.

Strategic forecasting is seen as a rebirth of long range planning, albeit with new methods and theories. Firms should make the building of strategic forecasting capability a priority.

The article subdivides strategic forecasting into three research avenues and suggests avenues for further research efforts.

The article provides five examples of ideas that may enable managers to analyze and understand the future of their firm’s environment, thus improving investments in a wide variety of areas.

This article’s contribution is a relatively novel way of theorizing within a somewhat neglected area. It also suggests several new practical ideas that may improve management decisions.

This paper aims to study the formation and amplification mechanism of the financial crisis and business cycle and also discuss the related optimal rules for the central bank and government.

This study is developed basically on a simple financial business cycle model by embedding credit constrains into the DSGE model.

The model in this paper puts forward an explanation for the mechanism of cycles' formation. Using this it finds that: the financial lever in modern economy is the offender of the USA financial crisis, which created the cycles and amplified it into the crisis when the financial lever multiple was increased to much greater levels, and that the traditional policy rule is not good enough for a long running growth process.

The findings in this study suggest that to keep the financial lever multiple under a safe level and to reform the policy rule to be good enough for a long run growth process is necessary.

According to the model's principle, the paper claims that: the development of the financial and credit markets during recent years has increased the volatility of the economic cycle – excessive credit abuse has become the root cause of the instability of the economy system; the proportion of the mortgage loan and similar financial products in the economy should be controlled strictly; it is necessary to recheck the traditional standpoint of the monetary policy. Rule policy by the Keynesian model exists as a short‐term problem, thus it is not sufficient to study the questions related to technological shocks.

The model in this paper explains well the mechanism of cycles and crisis' formation. The findings under the modeling economy give a safe level for financial lever multiples for the first time. The financial business cycle model being used in studying the Chinese economy is a pioneering and exploratory experiment.

Historians of economic thought have begun to reintegrate “un-Austrian” Austrians back into discussions of Austrian Economics, yet many scholars have argued that the Austrian School dissolved after emigration, with only Mises and his followers left to carry on the legacy. This chapter argues that a renewed focus on the networks established by the Austrians themselves, before and after emigration, reveals a distinctly different picture of Austrian Economics. Focusing on their shared interest in international trade theory and business cycle theory and their continued contributions to economic methodology, we see the émigré Austrians advancing Austrian ideas while also reconstituting and elaborating new Austrian affiliations. Ultimately, we find ourselves in agreement with Herbert Furth that Austrian Economics is far broader than Hayek, Mises, and their acolytes would have it, and that it is vital to understand and preserve this more diverse tradition by investigating more closely the works of Haberler, Machlup, Morgenstern, and others.

The purpose of this paper is to investigate women-owned businesses from a life cycle perspective and with a qualitative growth approach. Building on previous research that has identified qualitative growth platforms, this paper takes into account the time aspect and investigates perceived barriers and support needs inside different qualitative growth platforms.

The study took place in Sweden and is based on 191 women entrepreneurs in a first survey and 101 women entrepreneurs in a follow-up questionnaire three years later. To answer the research questions, descriptive frequency analysis and logistic regression analysis techniques have been used.

The motivation of growth changes throughout the life cycle, and women entrepreneurs move between different qualitative growth platforms when required building blocks of previous platforms have been established and secured. In this transfer of growth ambition, a significant correlation between business age and intrinsic growth aspiration was identified. Initially, growth is extrinsically motivated and later on in the life cycle, it is intrinsically motivated. In the late life cycle, the motivation is extrinsically motivated again. The results discern barriers to growth that hinder movement from extrinsic to intrinsic business platforms, and the author argues that the transfer of growth ambition from one growing platform to another requires different types of advice and support from the surrounding community.

By broadening the view of growth to include both a quantitative and qualitative approach, it is possible to identify a widespread growth ambition in women-owned businesses which experience various barriers and supportive needs. Business programs that encourage exchange of experience among entrepreneurs in various growth platforms might be a way to overcome the perceived barriers. As women’s businesses only receive a low proportion of the government funding, they are prevented from developing their growth ambitions. To ensure that all forms of growth are stimulated, different measures are required depending on which stage in their life cycle the women-owned businesses belong to.

By considering business growth from a qualitative perspective, barriers and needs that the traditional approach may overlook can be highlighted. For example, growth aspiration in terms of more employees will not be considered until the previously, qualitative growth platforms are established and secured. The support system, however, is designed to only favor growth in terms of employment, which results in difficulties to qualify for financial support.

Looks at the impact John Maynard Keynes and the movement (Keynesian) he started had on the theory and practice of economics in the 1930s and onwards. Identifies respective problems about capitalism and discusses them in depth. States that the monetary and fiscal policies recommended by Keynes have helped the West escape severe social consequences in the aftermath of the Great Depression. Goes on to show how economists after Keynes carried his work forward and upward in the 1940s and 1950s. Closes by stating there is a further, third revolution in economic thinking on the rise.